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Earnings per Share (EPS) and Common Stock | 9 Months Ended
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Jul. 02, 2016
Earnings Per Share and Common Stock |
Earnings(loss) per Share (EPS) and Common Stock | Earnings per Share (EPS) and Common Stock EPS Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted stock, although legally issued and outstanding, is not considered outstanding for purposes of calculating basic EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, restricted shares and RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of proceeds from the assumed exercise of stock options, unrecognized compensation expense and any tax benefits as additional proceeds.
| Three months ended |  | Nine months ended
Calculation of Basic and Diluted EPS | July 2, 2016 |  | July 4, 2015 |  | July 2, 2016 |  | July 4, 2015
| (in thousands, except per share data)
Net income (loss) | $ | 3,073 |  |  | $ | 17,435 |  |  | $ | (25,992 | ) |  | $ | 53,111 |
Weighted average shares outstanding—Basic | 114,795 |  |  | 114,764 |  |  | 114,499 |  |  | 115,021 |
Dilutive effect of employee stock options, restricted shares and restricted stock units | 903 |  |  | 1,261 |  |  | — |  |  | 1,309 |
Weighted average shares outstanding—Diluted | 115,698 |  |  | 116,025 |  |  | 114,499 |  |  | 116,330 |
Earnings (loss) per share—Basic | $ | 0.03 |  |  | $ | 0.15 |  |  | $ | (0.23 | ) |  | $ | 0.46 |
Earnings (loss) per share—Diluted | $ | 0.03 |  |  | $ | 0.15 |  |  | $ | (0.23 | ) |  | $ | 0.46 |
For the nine months ended July 2, 2016, diluted net loss per share is the same as basic net loss per share as the effects of our potential common stock equivalents are antidilutive. Total antidilutive shares were 1.7 million for the nine months ended July 2, 2016. Common Stock Repurchases Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has periodically authorized the repurchase of shares of our common stock. On August 4, 2014, our Board of Directors authorized us to repurchase up to $600 million of our common stock through September 30, 2017. In the third quarter and first nine months of 2016, we did not repurchase any shares. In the first quarter of 2015, we received 1.1 million shares as the final settlement of the accelerated share repurchase ("ASR") agreement described below. In the third quarter of 2015, we repurchased 1.2 million shares at a cost of $50.0 million. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued. On August 14, 2014, we entered into an accelerated share repurchase (“ASR”) agreement with a major financial institution (“Bank”). The ASR allowed us to buy a large number of shares immediately at a purchase price determined by an average market price over a period of time. Under the ASR, we agreed to purchase $125 million of our common stock, in total, with an initial delivery to us in August 2014 of 2.3 million shares.

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